Yesterday April 11, RBI Governor Raghuram Rajan and Infosys co-founder Nandan Nilekani, adviser to the National Payments Corporation of India [NPCI] launched the NPCI’s most ambitious project, a new Electronic Fund Transfer protocol, Unified Payments Interface (UPI) wherein 29 banks would be enabled with this interface under the 1st phase; and then gradually other banks would be brought into the system. UPI is expected to bring about a significant shift in the way mobile banking transactions are conducted. It is a single interface across all NPCI systems, allowing customer to instantaneously transfer funds across different banks with the use of single identification and password.